Credit Repair Merchant Account

How Can a Full-Service Merchant Account Help You?

If you are in this business, you already know how difficult it can be to deal with the array of challenges your industry throws at you. This means that you are looking for one-stop shopping and a vendor that can address all of your needs. 

So, what needs can we handle for your business?

Here are some examples:

Payments

When it comes to servicing your customers, you have to make sure that you have a payment capacity that meets the needs of the customers you do business with. That means having maximum flexibility with minimal fees. This means that you go where your customer goes, and your merchant account provider has to follow you. Doing so will ensure that you can collect payment from your customers. This means that your merchant account provider must help you get paid in the method of your and your customer’s choosing, regardless of whether that payment comes via mail, in-store, or over a mobile device.

Products

It is essential to work with a merchant account provider that has experience with other high-risk accounts. Furthermore, your merchant account provider must work with various merchant services and payment gateways and offer an array of services that demonstrate their experience in working with credit repair and high-risk businesses like yours. One of the most essential things in the credit repair business is offering flexible products that can meet the needs of customers who are sometimes financially challenged or troubled. Furthermore, within the specific realm of merchant accounts, you have to find services that can be customized to fit your needs.

These include:

• Providing you with the appropriate equipment, including all hardware, software, and point of service devices. Given the unique needs of your industry, POS services can be essential, as the right software can help cut down on fraud that is endemic within your industry. You must have the right digital services, such as managing the application process to ensure that you can have access to financial institutions, as well as their virtual terminals. 
• ACH processing. ACH stands for automatic clearing house, and it is the process by which automatic payments travel between banks. Getting the right services that can actively fit your needs is vital in the credit repair industry, as it can help limit your fees, provide you with an efficient fee basis, and limit unnecessary fees. Furthermore, your merchant service provider must also take care of more run-of-the-mill services like accepting payments, managing account approval, reducing chargeback ratios, and identifying other payment solutions. 
• Integration support with your other financial services, including online banking system, record-keeping, and website. You should find a provider who can manage any high-volume payment processor, like Stripe or PayPal. On an as-needed basis, you should also have access to credit reports, processing history, additional information on merchant account providers, and e-commerce solutions. 
• Surcharge and cash discount processing. This means that you must have access to a system that ensures your surcharges are kept to a minimum and that any cash can be processed in a manner that results in a discount to you in terms of your transaction fees. 
• Check and e-check processing. As anyone in the credit repair industry undoubtedly understands, your customers often will not have access to financial services that other businesses take for granted. This includes credit cards and debit cards. As a result, you may spend a good portion of your time managing check and e-check processing. This means that you will have to use merchant services that can provide you a fair price on these fees, all while also ensuring that this processing integrates with the other financial services that you provide.
• Gift card and loyalty card processing. As any vendor knows, processing gift cards or loyalty cards — and integrating them into your overall financial services system — can be an accounting and logistical nightmare. As such, you have to find a business that has years of experience in operating these programs and can help your business do just that.

More often than not, a credit repair merchant will need more than just merchant account services for your credit repair operation. Your life will be much easier if you can identify a vendor who can give you one-stop shopping, ensuring that your individual needs can be met. Other services you should look for include:

• Capital provision
• ATM access, including installation, management, processing, and security 
• EBT management for businesses that are engaged in providing Electronic Benefit Transfer services.
• Account manager services

Experience Matters

Experience matters when it comes to high-risk accounts. Your vendor must be someone who doesn’t just work with credit repair companies but a variety of other accounts that have been deemed to be very risky by banks and credit card companies. This matters because high-risk businesses have many factors in common, regardless of the specifics of that business.

Remember, the high-risk field is about so much more than just credit repair companies. It also includes businesses like adult merchants, CBD merchants, payday loan lenders, and more. These are all relatively risky fields and have heavier-than-normal risks of fraud, potential thorny legal issues, and more. As such, you should find a business that understands how to manage high-risk accounts.

Your credit repair business needs and deserves merchant account processing services that suit the unique needs of your industry. We can provide those services at Zenti based on our years of expertise and client portfolio that stretches into your industry.